Dana Gas share of collection at US$39 million in Q1 2019

April 15, 2019

SHARJAH, 14th April, 2019 (WAM) -- Dana Gas has announced that during Q1 2019, Pearl Petroleum received US$112 million (AED411 million) from the sale of condensate, Liquefied Petroleum Gas, and gas in the Kurdistan Region of Iraq, KRI.

Dana Gas is a 35 percent shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $39 million (AED143 million). This presents a 117 percent increase compared to the company’s Q1 2018 share of collections which stood at $18 million. As of today, Pearl Petroleum has no overdue receivables in the KRI.

Commenting on the announcement, Dr. Patrick Allman-Ward, CEO of Dana Gas, said, 'We have had a very positive start to year in the KRI. Our debottlenecking project which we completed in October 2018 has increased our production output by 30% to 400 MMscf/d. We have begun to see the impact of the additional production on our Q1 collection, which has doubled.'

In February 2019, Pearl Petroleum signed a new 20-year Gas Sales Agreement with the Kurdistan Regional Government to enable production and sales of an additional 250 MMscf/d. The Consortium aims to bring this production on-stream by 2021 as part of their expansion plans to raise output from the current 400 MMscf/day to 650 MMscf/day in 2021, and then to 900 MMscf/day by 2022.

Wam